The bill modifies the Major Economic Growth Attraction (MEGA) program in Iowa to include incentives for the construction of a professional sports stadium by a National Football League (NFL) franchise. It introduces new definitions for "business affiliate," which refers to entities that invest in a sports stadium, and "sports stadium," defined as a facility where NFL games are held. The bill expands the eligibility criteria for businesses seeking incentives under the MEGA program, allowing those involved in building a sports stadium to qualify for economic development incentives, which may include sales and use tax refunds, investment tax credits, and withholding tax credits.

Additionally, the bill amends existing provisions to clarify that a proposed project must be located on a site where the business has a controlling interest or on a certified site suitable for a sports stadium. It also specifies that businesses eligible for incentives must primarily engage in advanced manufacturing, biosciences, or research and development, or be involved in the construction of a sports stadium. The bill aims to attract significant capital investments in the state by providing these new incentives, while also maintaining a limit on the number of eligible businesses that can receive tax incentives under the MEGA program.

Statutes affected:
Introduced: 15.491, 15.492